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Former Keydata boss stuck with £76 million FCA fine

The Upper Tribunal, the independent Court that hears appeals from FCA decisions, last week upheld the regulator’s decision to fine Stewart Ford, the former CEO of Keydata Investment Services Limited, a huge £76million (the largest FCA fine on an individual) and ban him from working in the financial services industry. The Tribunal decided that the FCA had been correct to ban and fine … Continue Reading

Court reviews summary judgment jurisdiction in dispute over pension plan guarantee

The recent High Court decision in Caribonum Pension Trustee Limited v Pelikan Hardcopy Production AG [2018] EWHC 2321 (Ch) will provide some comfort for pension plan trustees owed money by insolvent sponsoring employers by allowing trustees to pursue guarantors within the same group for those debts. What was contended to be an abuse of Court process … Continue Reading

Litigation privilege: sense prevails in the Court of Appeal

Last week the Court of Appeal (The Director of the SFO v Eurasian Natural Resources Corporation Limited [2018] EWCA Civ 2006) reversed the High Court’s controversial and troubling decision from 2017 that concerned the extent to which litigation privilege could apply to documents generated in the context of internal investigations. ENRC successfully argued that legal professional … Continue Reading

Court of Appeal guidance on when the limitation period can be extended for negligence claims under s14A of the Limitation Act 1980

The Court of Appeal decision in Mr Nobu Su v Clarksons Platou Futures Limited and another [2018] EWCA Civ 1115 from earlier this month concerns the interpretation and application of s14A of the Limitation Act 1980 (“s14A”) and when a claimant is deemed to have ‘knowledge’ of the negligence in order to extend the limitation … Continue Reading

Mastercard, the next instalment. The retailer strikes back

The previous four episodes of the Mastercard saga (as detailed in our previous blog posts) focussed on a number of legal battles between Mastercard and both consumers and retailers. These disputes have centred on Mastercard’s alleged “uncompetitive” interchange fees and restrictive rules on cross-border acquiring. The latest claim by retailers follows a class action brought on … Continue Reading

First major LIBOR rigging claim dismissed by Financial List judge: speedread

After a 38 day trial, Mrs Justice Asplin handed down a 187 page judgment just before Christmas in the long-running Property Alliance Group Ltd v The Royal Bank of Scotland plc case. She rejected claims of mis-selling, breach of good faith obligations and misrepresentations associated with LIBOR. Property Alliance Group sued RBS over four interest … Continue Reading

Class X Noteholders granted permission to appeal inconsistent judgments

As previously reported on this blog, April saw two important judgments in the Titan and Windermere Class X cases. Those decisions have implications for both “CMBS 1.0” structures that include Class X notes in them, and for the wider financial markets in terms of how the courts are approaching disputes over the interpretation of finance … Continue Reading

Judge dismisses application on mis-selling and LIBOR manipulation claim

In an April 2016 Financial List decision by Mrs Justice Asplin in Diane & Michael Hockin and Lonwest Ltd v Royal Bank of Scotland plc and National Westminster Bank plc [2016] EWHC 925 (Ch), the Bank unsuccessfully applied for strike out of parts of the mis-selling claim issued against them by the Claimants. The Claimants had … Continue Reading

Structured Finance in the Courts: Five Things We Learned From the Class X Cases

As regular readers will know, April brought two big judgments for the CMBS and structured finance markets in the Windermere VII CMBS and Titan Europe CMBS Class X cases. Now that the dust has settled, it is worth stepping back and looking at the wider perspective of what the decisions mean for future deals, the prospects … Continue Reading

LIBOR case transferred to Financial List

Last Thursday (28 January 2016) the Chancellor of the High Court, Sir Terence Etherton, ordered that Property Alliance Group’s ongoing £89 million claim against the Royal Bank of Scotland should be transferred to the Financial List. The case relates to allegations of mis-selling of four interest rate swaps, and includes claims that the swaps should be … Continue Reading

High Court to offer specialist centre for financial markets disputes

London has for many years been a hub for resolving financial markets disputes. But the High Court in London is facing increasing competition from rivals like the Dubai International Financial Centre Courts, and initiatives to persuade financial institutions to arbitrate their disputes. These competitors are putting pressure on the English courts to up their game … Continue Reading
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